U.Today – CryptoQuant CEO Ki Young Ju recently revealed that early miners made a substantial profit of approximately $550 million this year. This gain was primarily achieved in the $62,000 to $70,000 price range, highlighting the significant financial gains that can be achieved through perfect market timing.
According to Ki Young Ju, early Bitcoin miners, who were among the first to adopt and validate transactions on the Bitcoin network, saw a significant return on their investment in 2024. Data indicates that these miners capitalized on the rise in Bitcoin price this anus. while obtaining important benefits.
Several Bitcoin wallets from the “Satoshi era,” which refers to the months in which pseudonymous Bitcoin founder Satoshi Nakamoto was active on public forums from late 2009 to 2011, have been reactivated since early 2024.
In May, an early Bitcoin mining wallet that had been dormant for 14 years transferred 2,000 BTC, which most likely went to an OTC counter or custodian, as the coins were transmitted to many other new addresses almost immediately.
The $62,000 to $70,000 price range has proven to be particularly lucrative for these former Bitcoin miners. This range represents a period where Bitcoin reached near its current all-time highs, providing an ideal opportunity for miners to sell their accumulated Bitcoin at higher prices.
The price of Bitcoin has quadrupled since the beginning of 2023, reaching an all-time high of $73,798 in March, driven by demand for specialized US exchange-traded funds. The rally has slowed recently, as has the pace of ETF inflows.
Bitcoin plunged along with the rest of the cryptocurrency market on Tuesday, hitting a low of $64,010, amid global economic concerns and lower summer liquidity.
At the time of writing, the price of Bitcoin was down 0.52% at $64,998, according to data from CoinMarketCap, falling below $65,000 for the first time since May 16.
This article was originally published on U.Today.
